George Foreman Net Worth (Money & Salary)

What Is George Foreman’s Net Worth?

George Foreman, a retired American boxer and highly successful entrepreneur, boasts a net worth of $300 million. As a two-time World Heavyweight Boxing Champion, Olympic Gold Medalist, multimillionaire entrepreneur, and born-again Christian minister, his journey is a remarkable tale of success and resilience.

While George’s net worth is that of a champion, you might be astonished to discover that much of his wealth does not originate from boxing. After turning professional in 1969 and accumulating an impressive record of 76 wins in 81 fights, Foreman’s fortune peaked at only $5 million during the 1980s. Thankfully, his immense wealth today is largely thanks to a very popular grill that carries his name, with further details on this product and his royalties discussed later in the article.

Early Life

The name George Foreman resonates differently across various generations. Some might recall the 24-year-old Texan who secured a TKO against the undefeated Smokin’ Joe Frazier in 1973. Others remember the fighter whose first loss was to Muhammad Ali in the legendary 1974 Rumble in the Jungle. This historic clash took place in Zaire and inspired the Oscar-winning documentary “When We Were Kings.” For younger audiences, Foreman is likely recognized as the cheerful television personality who promotes Meineke mufflers and the George Foreman Lean Mean Fat Reducing Grilling Machine.

Born George Edward Foreman on January 10, 1949, in Marshall, Texas, he grew up in Houston alongside six siblings. He was raised by J.D. Foreman, while his biological father was Leroy Moorehead. In his autobiography, George described his youth as troubled; he left school at fifteen and became involved in mugging. However, a year later, seeking change, he persuaded his mother to enroll him in Job Corps, where he earned his GED and received training as a carpenter and bricklayer. Boxing began for him after relocating to Pleasanton, California.

Boxing Career

Foreman launched his boxing career spectacularly, clinching a gold medal in the heavyweight division during the 1968 Mexico City Olympic Games. He triumphed over 29-year-old veteran Jonas Cepulis, who was a decade older than Foreman and had already accumulated 12 years of boxing experience. After his victory, he paraded around the ring, waving a US flag and bowing to the audience. Foreman has stated that winning the gold medal remains his proudest achievement throughout his entire career.

He turned professional in 1969, achieving 13 victories that year, including 11 knockouts. In 1970, he won all 12 of his matches, followed by seven more knockout wins in the subsequent year. His winning streak continued until 1974 when he faced formidable opponents like Ken Norton and Muhammad Ali. The highly publicized match against Ali took place in Zaire, dubbed The Rumble in the Jungle, where Ali became the first boxer to knock Foreman down. Following this loss, Foreman retired in 1977 after a significant defeat to Jimmy Young.

At this point, Foreman had amassed considerable wealth from his landmark fights. However, by 1987, nearly all of his $5 million from boxing had vanished due to poor investments and a lavish lifestyle. He was on the brink of total bankruptcy, as he recalled in an interview, stating, “It was that scary because you hear about people being homeless and I was only fractions, fractions from being homeless.” Consequently, Foreman made the decision to return to boxing, staging an impressive comeback that extended into the late

In the 1990s, after also taking on the role of a boxing commentator for HBO, George Foreman officially announced his retirement in 1997 at the age of 48. His final record boasted 76 victories (68 by knockout) against just five defeats. He gained induction into both the World Boxing Hall of Fame and the International Boxing Hall of Fame. Today, Foreman is recognized as the eighth-greatest heavyweight in boxing history.

George Foreman Grill

Upon returning from retirement in the ’90s, Foreman attributed his success to adopting a healthier lifestyle and focusing on nutrition. In 1994, he was approached by Salton, Inc., which sought a spokesperson for a fat-reducing grill. Foreman accepted, and by 2009, the grill had surpassed sales of 100 million units. While Foreman has never disclosed his total earnings from this endorsement, it is known that Salton compensated him with $138 million in 1999 for the rights to his name. Prior to that agreement, he received 40 percent of the profits from each grill sold, which peaked at roughly $4.5 million monthly in payouts.

Estimates suggest he has earned over $200 million from the grill, significantly outpacing his boxing earnings.

Other Pursuits

Foreman participates as a partner in the Panther Racing Indy Car team, has authored 10 books, and continues to make occasional television appearances (guest spots on “The 700 Club,” judging on “The American Inventor,” and “The Masked Singer”) as well as film cameos (notably in “Night at the Museum: Battle of the Smithsonian”).

Personal Life

Married since 1985, George and his wife, Mary Joan, have 12 children together from various relationships.

Foreman has experienced four previous marriages: to Adrienna Calhoun from 1971 to 1974, Cynthia Lewis from 1977 to 1979, Sharon Goodson from 1981 to 1982, and Andrea Skeete from 1982 to 1985. All five of his sons carry the name George Edward Foreman, while his daughters have George as a middle name, except for one daughter named Georgetta.

Foreman has stressed the importance of a college education for all his children, though that hasn’t deterred some from entering the boxing ring. George III has recently won his first professional boxing match, following in his father’s footsteps. His daughter Freeda had a short boxing career, finishing with a record of 5-1 before retiring in 2001; she tragically passed away in 2019 at the age of 42. Meanwhile, daughter Natalie has ventured into music and aspires to become a singer. As his children carve out their own careers, George remains focused on expanding his own empire.

Real Estate

The Foreman family resides in a home located in the Houston area and owns a 300-acre estate referred to as The Foreman Ranch in Marshall, Texas.